Business
Arrow Reports $9.2 million in Q2 Net Income as COVID-19 Response Continues
- Total loans grew by $147.7 million in the second quarter of 2020, including $140.0 million in Small Business Administration Paycheck Protection Program
About this update from Arrow Financial Corporation
[{"type":"text","content":"- Total loans grew by $147.7 million in the second quarter of 2020, including $140.0 million in Small Business Administration Paycheck Protection Program loans.\n - Second quarter revenue increased $3.4 million, or 11.9%, over the prior year comparative quarter.\n - Net income was $9.2 million and diluted earnings per share (EPS) were $0.61 for the second quarter.\n - Provision for loan losses was $3.0 million in the second quarter, reflecting the continued uncertainty of the COVID-19 pandemic.\n\n\n\n GLENS FALLS, N.Y., July 21, 2020 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three-month period ended June 30, 2020. Net income for the second quarter of 2020 was $9.2 million, compared to $8.9 million in the second quarter of 2019. Net interest income increased to $24.8 million in the second quarter of 2020, compared to $21.7 million for the comparable quarter of 2019.\n\n \n Arrow continues to manage its COVID-19 response with health and safety concerns as a top priority. In the second quarter, as COVID-19 cases regionally declined and New York State Governor Andrew Cuomo began to lift restrictions, our bank lobbies reopened with significant safety protocols in place. However, a significant portion of our workforce continues to work remotely, and the Company remains focused on providing essential banking services and meeting customer needs, while maintaining proper health and safety protocols for our employees and our customers. \n\"The COVID-19 pandemic has undoubtedly confirmed our mission,\" said Thomas J. Murphy, President and CEO. \"I am amazed at how our team has faced each challenge head-on in support of our customers and communities. In the second quarter, we provided Paycheck Protection Program loans to support more than 18,000 jobs at more than 1,400 local businesses. We also guided our customers through other stimulus programs, and we continue to work with those in need of temporary financial assistance. Through uncertain times, we are moving forward, together, with a focus on safety and service.\" \nThe following expands on our COVID-19 response: \nCOVID-19 Safety Measures: In June, Arrow began to lift appointment-only restrictions for our bank lobbies and some of our insurance offices in response to the declining number of COVID-19 cases regionally and New York ...